2012-05-14T15:33:35-07:00 2011-06-30 990 2010-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos 5748428222 2012-05-14 2010 2016-02-24 21:20:13Z John Buxton 1300 Academy Road No 156 Culver IN 46511 170453284 0 X www.culver.org X 1894 IN The Culver Academies is a preparatory boarding school with cutting-edge academic programs, excellent athletic teams, almost limitless opportunities in the Arts, competitive academic teams, its own Black Horse Troop and a summer program that teaches leadership to nearly 1400 children from all over the world. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual--mind, body and spirit--through integrated programs that emphasize the cultivation of character. Culver embodies an exciting combination of inspirational tradition and inspiring innovation in its programs and its governing philosphy, with an emphasis on critical thinking, problem solving, leadership, wellness and a healthy emphasis on integrity and developing character. With over 100 years in business, our high ideals and high expectations create a challenging and rewarding environment for students. 31 31 1098 1075 197138 136167 66372373 27900774 33048052 33859892 3499865 983567 1639112 1973754 104559402 64717987 9517324 10019273 0 0 29790391 31416087 0 0 4721961 21343608 23303039 60651323 64738399 43908079 -20412 389484740 418079093 77305442 78681388 312179298 339397705 Culver educates its students for leadership and responsible citizenship in society by developing and nurturing the whole individual--mind, spirit, and body--through integrated programs that emphasize the cultivation of character. Culver offers challenging programs in our classrooms and on the athletic fields and a strong sense of community. Culver creates opportunities for students to practice critical thinking and problem-solving to deepen understanding. Our integrated wellness program helps students understand and practice healthy lifestyles. Our commitment to spiritual development includes required weekly religious services. We are a community who believes in educating its students in the virtues of wisdom, justice, courage and moderation. Culver's philosophy is embodied in its Honor Code, its student leadership systems, and Ethics and Service-Learning requirements for graduation. We have high ideals and equally high expectations. 0 0 27606958 0 27063115 Secondary Education: Instruction for grades 9-12 ranging from the arts and music to science, math and Humanities, as well as unique programs in Wellness, Leadership, and a servant leadership project for graduation. Instruction provided to 789 students for the year ended June 30, 2011. 10019273 10019273 0 Student Financial Aid: The School provided financial assistance of $9,224,002.00, both merit and need-based, to 356 Boarding (winter) School students as of June 30, 2011. Financial aid also included $795,271.00 in assistance for 258 Summer School & Camps students. 6544748 0 6902867 Elementary & Secondary Education: The Summer Camps program provided educational and leadership training as well as extensive outdoor activities for 1375 campers ages 9 - 17. 8251427 0 0 Student Services Programs: A variety of student services and activities were provided, including Barber Shop, Laundry-Dry Cleaning, and Student Health Services. Services were provided to 789 Boarding School Students and 1375 Summer School campers as of June 30, 2011. 632098 0 681559 Student Services Programs, General/Other: Auxiliary services such as required uniform and a campus bookstore provided for convenience of students in winter and summer programs. (2164 students) 8883525 0 681559 53054504 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 177 0 1 1098 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 IN X Richard J Tompos 5748428222 1300 Academy Road 159 Culver IN 465111291 John J Bollman 3 X 0 0 0 Kathryn R Booth 3 X 0 0 0 James W F Brooks 3 X 0 0 0 George T DeVries III 3 X 0 0 0 James L Dunlap 3 X 0 0 0 Peter A Fasseas 3 X 0 0 0 James E Fellowes 3 X 0 0 0 Richard E Ford 3 X 0 0 0 P Lamar Gable 3 X 0 0 0 Philip G Harrison 3 X 0 0 0 Richard A Jennings 3 X 0 0 0 Jud Q Little 3 X 0 0 0 Bernardo Quintana 3 X 0 0 0 John Ruan III 3 X 0 0 0 Philip L Sbarbaro 3 X 0 0 0 Franklin D Schurz Jr 3 X 0 0 0 Robert C Vaughn 3 X 0 0 0 Dartanian Warr COL USAF 3 X 0 0 0 Michael R Wilcox 3 X 0 0 0 Miles D White 6 X X 0 0 0 James A Henderson 6 X X 0 0 0 Jeffrey P Adams 6 X X 0 0 0 Dr Margaret E Thompson 3 X X 0 0 0 Harry L Crisp II 3 X X 0 0 0 David M Culver 3 X X 0 0 0 Craig J Duchossois 3 X X 0 0 0 Jane D Eberly 3 X X 0 0 0 Paul C Gignilliat 3 X X 0 0 0 H Ward Lay 3 X X 0 0 0 J Lawrence Wilson 3 X X 0 0 0 John D Zeglis 3 X X 0 0 0 John N Buxton 60 X 342113 0 41936 Richard J Tompos 50 X 110309 0 74180 Michael Hogan 50 X 121354 0 80888 Kevin M MacNeil 50 X 107820 0 58698 Kathleen J Lintner 50 X 111180 0 23650 Mary Kay Karzas 50 X 105253 0 12450 Kelly Jordan 50 X 102053 0 7914 1000082 0 299716 8 0 1 0 Anthem Blue Cross PO Box 105113 Atlanta GA 303485113 Health Care Admin 4291824 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 1053658 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 2106861 Chipman Adams Architects Inc 1550 N Northwest Highway Suite 400 Park Ridge IL 60068 architectural design services 364489 Graham Spencer Advertising 333 Locust Street Rockford IL 61103 Marketing services 263794 5 0 0 401500 0 0 27499274 6614549 27900774 Tuition and fees for students 611110 33437122 33437122 0 0 Student events/transportation 611110 322135 322135 0 0 Family Camp 611110 100635 100635 0 0 0 0 0 0 33859892 2058030 0 124561 1933469 0 0 0 0 0 0 0 0 295311 0 90148 0 205163 0 205163 11663 0 193500 102969686 3235 104037184 10200 -1067498 -6965 -1074463 0 0 -1074463 467200 401500 143478 323722 0 323722 0 0 0 0 0 0 2627049 1454287 1172762 681559 17577 473626 Vending machines 611110 10635 0 0 10635 Avery Farm 611110 55000 0 55000 0 Settlement 611110 53735 0 0 53735 152737 94427 0 58310 272107 64717987 34647541 197138 1972534 0 0 10019273 10019273 0 0 0 0 492303 112951 228751 150601 82500 41250 20625 20625 21618738 18234384 1485250 1899104 1050000 867219 81533 101248 6574350 5429950 510479 633921 1598196 1319991 124098 154107 0 0 0 0 110696 0 110696 0 118003 0 118003 0 0 0 0 0 0 0 1402817 0 1402817 0 882678 394614 476926 11138 482194 32742 85404 364048 774268 662977 67534 43757 1334725 673777 330474 330474 0 0 0 0 0 0 0 0 1195829 704870 67369 423590 0 0 0 0 107574 86016 21558 0 1359371 1288140 71231 0 0 0 0 0 5867252 5559808 307444 0 463569 439278 24291 0 Utilities 2529597 2403117 126480 0 Program/Instructional support 2340881 1572102 584107 184672 Food 1593743 1335724 258019 0 Equipment rental & Mtce 1169932 1081807 84000 4125 Printing/Postage/Phones 663866 335553 68934 259379 906044 458961 305911 141172 64738399 53054504 6961934 4721961 5654001 2955168 1243164 415914 17645652 25794038 596326 379892 0 0 0 0 20563 5704 1498802 1704936 688308 1423342 169685475 92138948 76078168 77546527 50354976 69310038 235358726 233660295 0 0 0 346054 4883239 389484740 418079093 3900792 3852623 0 0 10548377 10881382 38300000 38300000 0 0 0 0 0 0 1000000 4738368 23556273 20909015 77305442 78681388 X 90216159 93924906 25253456 35477936 196709683 209994863 312179298 339397705 389484740 418079093 X -20412 27238819 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 18165 18165 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 Schedule C, Part II-B, Line 1: The School is a member of a number of associations such as the National Association of Independent Schools, Indiana Non-Public Education Association, and ISACS, which may use a portion of membership dues to lobby on behalf of their members. Totals dues paid to these organizations in Fiscal Year 2010-2011 was $18,165. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 285714324 13347716 24758931 0 14996454 1402817 307421700 202524631 75497868 21284465 0 12474047 1118683 285714234 192817551 48792143 -23085273 5331800 9842200 825790 202524631 0.3101 0.6899 0 1 0 0 1690141 1690141 0 143177145 74326257 68850888 0 0 0 0 0 20936733 17812691 3124042 0 3881456 0 3881456 77546527 186094579 F 11802127 F Short-term investment funds-Level 1 21301525 F Short-term investments-money market-cash 12875519 F Real estate 1117590 F Miscellaneous other 468955 F 233660295 0 Accrued pension liability 8565172 Gift annuities 8471485 Interest rate SWAP agreement 3872358 20909015 64717987 64738399 -20412 24838440 0 0 0 2400388 27238828 27218416 79822250 24838440 0 0 -11422090 13416350 66405900 0 -1687913 -1687913 64717987 52603844 0 0 0 -712465 -712465 53316309 0 11422090 11422090 64738399 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Per footnote 1 of the 2010-2011 audited financial statements: Contributions of works of art, historical treasures, and similar assets held as part of a collection for education, research or public exhibition purposes rather than for sales or financial gain, are not recognized nor capitalized on the financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed within the Fine Arts Department, and items are displayed throughout campus on a rotating basis. The new Crisp Fine Arts Center has two galleries showcasing exhibits of the Culver collection. In addition, the School has a stamp collection maintained for student education, which is periodically displayed. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 The following are adjustments to net assets 1,773,999 for Additional Minimum Pension Liability, 1,635,759 for gain on Present Value of Future SWAP, (423,769) loss for pledge write-offs, and (585,611) for change in value of Charitable Annuities-Split Interest Agreements. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Financial aid/grants are netted against tuition on audited financials and equal $10,019,273. Investment management fees of $1,402,817 were netted against investment revenue on the audited financials and moved to expense on the 990, restoring that income. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Cost of goods sold for auxiliary departments of $1,454,287, rental expenses of $90,148, and parent fundraiser expenses of $143,478 were included in expenses on the audited financials but are offsets to revenue per the 990 form. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Cost of good sold ($1,454,287) and rental expenses ($90,148) were expenses and not netted against sales on the audited financials. Parent fundraiser costs of ($143,478) were also an expense on the audited financials and netted against revenue on the 990. Additional expenses for changes in charitable annuities ($585,611), pledge write-offs ($423,769), present value of future SWAP 1,635,759 and additional minimum pension liability 1,773,999 are shown as adjustments to net assets on the 990. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial aid/grants of $10,019,273 and investment management fees of $1,402,817 were net to revenue in audited financials and were included in expenses on the 990. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The Culver Educational Foundation's admissions materials and applications for Winter and Summer Schools include a statement of the School's non-discrimination policy. Human Resources includes a non-discrimination statement on all recruitment materials and advertisements for employment with the School. Central America and the Caribbean Investments 193067000 Europe (including Iceland and Greenland) Investments 2349000 Sub-Saharan Africa Investments 1071000 Central America and the Caribbean 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 197 East Asia and the Pacific 0 0 Fundraising Fund raising - Alumni and parent sponsored events 11175 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Fund raising - Alumni and parent sponsored events 4207 South America 0 0 Fundraising Fund raising - Alumni and parent sponsored events 14186 Central America and the Caribbean 0 0 Program Services Admissions travel, Alumni relations travel, explore new scholarship intiatives and faculty professional development/exchange opportunities 2414 East Asia and the Pacific 0 0 Program Services Admissions travel, Alumni relations travel, explore new scholarships initiatives and faculty professional development/exchange opportunities, student mission trip. 50880 Europe (including Iceland and Greenland) 0 0 Program Services Admissions travel, Alumni relations travel, explore new scholarship initiatives and faculty professional development/exchange opportunities, student mission trips. 7293 Middle East and North Africa 0 0 Program Services Admissions travel. 5959 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions travel, Alumni relations travel, explore new scholarship initiatives and faculty professional development/exchange opportunities, student mission trip. 29687 South America 0 0 Program Services Admissions travel, Alumni relations travel, explore new scholarship initiatives and faculty professional development/exchange opportunities. 44849 South Asia 0 0 Program Services Admissions travel, explore faculty professional development and exchange opportunities. 7997 0 0 196665844 0 0 0 0 1 0 SchF_P01_S00_L03 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Culver Parent Auction 855300 401500 453800 0 9860 0 29995 44490 59133 Auction Raffle 13400 0 13400 0 0 0 0 0 0 0 868700 401500 467200 0 9860 0 29995 44490 59133 143478 323722 1 Financial assistance, both merit and need-based to 356 boarding school students and 258 summer campers. Individual records and awards are maintained by the School and available upon request. 614 10019273 0 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Scholarships and need-based financial aid are granted to students who attend Culver Military Academy, Culver Girls Academy and the Culver Summer School and Camps. Scholarships are based upon merit, determined by faculty-administrative staff committees, or upon financial need, determined by family information from SSS data. Detailed records are available at the Culver Educational Foundation. A Student Life committee reviews student academic performance and community involvement annually before renewing merit scholarships. Financial need is reviewed annually by the Financial Aid department before extending additional need-based aid. The School maintains records of the recipients and awards available upon request. X 1 1 X X X X 0 1 0 0 0 0 0 0 0 John N Buxton 340610 0 0 0 1503 0 0 0 41936 0 384049 0 0 Michael Hogan 121354 0 0 0 0 0 8604 0 72284 0 202242 0 0 0 Richard J Tompos 110309 0 0 0 0 0 7710 0 66470 0 184489 0 0 0 Kevin M MacNeil 107820 0 0 0 0 0 7364 0 51334 0 166518 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools and Academic Dean must live on campus and are provided housing owned by the school. Listed employees who received housing are: John N. Buxton - $18,000 and Kevin MacNeil - $9,000. The value of this housing is included in the individual's non-taxable benefits. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 John N. Buxton, Head of Schools, participates in the School's non-qualified retirement plan. He received payment of $1503 in 2010 as a final payment for a prior deferred compensation plan. The $1503 is included with regular salary of $340,610 in the total for Part VII Section A. Mr. Buxton did not contribute to the School's plan in Fiscal Year 2011. Under the terms of the School's current non-qualified plan, amounts were contributed to the Head of School's account in prior years. Amounts are payable upon the Head of School's retirement. Pam Buxton family member of an officer 87244 employment compensation 0 X 3 800 appraisal X 4 5900 appraisal X 24 1282999 mean value date recd X 1 4451259 appraisal X 1 312249 appraisal X Horses 6 228250 Donor appraisal X Equipment & Supplies 4 21449 Donor appraisal X Student & Alumni Activities 21 167601 Donor receipts X Parent Auction 92 144042 Donor appraisal 6 1 1 1 SchM_P01_S00_L30b Schedule M, Part I, Line 30b Residential Home - estate donation residential house - 11 Kailuana Place, Kailua, Hawaii. SchM_P01_S00_L32b Schedule M, Part I, Line 32b The School receives security gifts through its custodial bank, who uses a broker/dealer to process securities contributions. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Contributions checked in column (a) of Part 1 are reported by number of contributions. The contribution revenue is determined based upon gift/tax receipts to donors as recorded in the school's Raiser's Edge software, maintained by our Development department. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Controller and reviewed by the School's external tax firm prior to presentation to the Budget, Audit and Human Resources Committee. The Form 990 is reviewed in detail and approved for submission to the Internal Revenue Service by the Head of Schools and the Budget, Audit, and Human Resources Committee members. The full Board of Trustees has access to the form 990 and is provided a summary briefing prior to filing the Form 990 with the Internal Revenue Service. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Each member of the Board of Trustees completes an annual Conflict of Interest statement disclosing any potential conflicts. Officers of the Board and administrative employees also complete an annual Conflict of Interest statement. Statements are reviewed and maintained in the Head of School's office. Any disclosure determined to be in violation of policy is addressed between the Head of Schools, the Chairman of the Board of Trustees, and the respective trustee, officer or employee. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Compensation Committee of the Board of Trustees reviews performance and determines compensation for the Head of Schools (CEO). The committee reviews compensation for the Head of Schools and school officers every May, with the most recent compensation review completed in May 2011. Compensation is based upon performance and peer school review, as supported by consultant recommendations and industry benchmarks. The committee documents the compensation deliberations and decisions in the meeting minutes. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policies and financial statements are available upon request to the Controller or the Head of Schools of the Culver Educational Foundation. Copies of the documents are provided with state tax and corporate return filings, and are regularly included with filings for property tax exemption and grant proposals as needed. In addition, information is provided to approved investment managers, bank officers, approved contractors as necessary or requested. F990_P11_S00_L05 Form 990, Part XI, Line 5 The following items were additional changes to net assets: Unrealized Gains/(losses) of $24,838,440.00, additional minimum pension liability $1,773,999.00, recorded present value of future SWAP of $1,635,759.00, pledge write-offs of ($423,769.00) and a loss of ($585,611.00) in change in value of charitable annuities. New audit standards and footnotes required more compliance research. We required additional time for auditor review, tax preparation and review of the new requirements for the 990.